Nvidia is a no-go for over half of this ultra-rich club's members with assets worth $165 billion

More than half of Tiger 21's members don't invest in Nvidia, according to a recent asset allocation report released by this network of ultra-high-net-worth investors and entrepreneurs.

The network's second-quarter asset allocation report revealed that 57% of its members are not invested in chip darling Nvidia, with a bulk of the members who have chosen to stay away from the stock saying they do not intend to start a position in the company.

"While Nvidia is the undisputed leader in AI at the moment, no company's growth lasts forever, and competitors often catch up, leading to a recalibration of the market," said Michael Sonnenfeldt, chairman of the ultra-rich club.Its members' personal assets are collectively worth over $165 billion, according to data provided by Sonnenfeldt.

Members of the group, which was set up in 1999 by Sonnenfeldt, share advice with each other on wealth preservation, investments and philanthropic endeavors.

Tiger 21 has 123 groups in 53 markets. The network has over 1,450 members.

Of the 43% members who have invested in Nvidia, most do not intend to add more stock, amid worries that it has already run up too high.

Those fears appear to have been well-founded with Nvidia's stock tanking 9.5% overnight, wiping about $300 billion of its market cap, amid a broad sell-off in U.S. markets.

A sizable 43% of the club's members surveyed also expect Nvidia's success to not last the next decade.

Some members have chosen to avoid technology altogether, and hence there's no Nvidia in their portfolio, preferring real estate or other sectors, said Sonnenfeldt.

"For others, it is due to the nature of tech investing today. Tiger 21 members watched Tesla rise only to now have almost all major auto manufacturers offer an